Today, banking accounts for the largest share of the Luxembourg economy in terms of net worth and turnover. Back in 2017, according to the Global Financial Centers Index, Luxembourg ranked 18th among the most competitive financial centers in the world, while at the same time ranking as the third most competitive among banks in the European Union. Luxembourg has a narrow specialization in the field of cross-border finance management. Due to the fact that the domestic market of Luxembourg is quite small, the country's financial center is mainly focused on the international market. https://www.confiduss.com/en/info/blog/article/banks-luxembourg/